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Harland and Wolff was bought into administration in 2019
Spanish state-owned shipbuilder Navantia is in exclusive talks to buy Harland and Wolff, the Belfast-based shipyard.
Harland and Wolff, best known for building the Titanic, also has operations in Appledore in England and Methil and Arnish in Scotland.
Navantia already has commercial relations with Harland and Wolff.
It is the main contractor on a project to build three support ships for the Royal Navy, with Harland and Wolff as subcontractor.
The exclusive talks were first reported by the Sunday Telegraph, with the newspaper saying a deal covering all four yards could be reached by the end of November.
Continue to trade
Last month, the holding company of Harland and Wolff was placed into administration while the separate operating companies that manage the yards continue trading.
Russell Downs, executive chairman of Harland & Wolff, said: “Core activities across the group's four yards continue to proceed with the support of all stakeholders and we will provide an update on our strategic process when appropriate. to do it. »
Mr. Downs, a restructuring expert, has led the company since August.
He was appointed after previous management failed to convince the government to give the company a £200m loan guarantee.
Mr Downs has been working with Rothschild Bank to find a new owner who can invest in the business as it expands to tackle the naval contract.
Famous for building the Titanic, the Belfast shipyard was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff.
By the early 20th century, Harland and Wolff dominated global shipbuilding and had become the world's most prolific ocean liner builder.
However, since World War II, the country has lurched from crisis to crisis and was under British state control from 1977 to 1989.
In 2019, the Norwegian owners then withdrew their financial support and the company fell into insolvency, having not built a ship in a generation.
It was bought by Infrastrata, a small London-based energy company which did not have significant experience in marine engineering.
Infrastrata subsequently changed its name to Harland and Wolff and in 2022 won a major contract with the Royal Navy as part of a consortium led by Navantia.
However, financial losses mounted as it scaled up its operations and it became increasingly dependent on high-interest borrowing from a specialist US lender, Riverstone.
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Gantry cranes at the shipyard in Cádiz, Spain, photographed in 2021
Navantia's main shipyard is in Cádiz, southern Spain.
It employs more than 4,000 people and has an annual turnover of around €1.3 billion (£835 million).
